business

Budget 2011 gives small IT firms a big jolt

The IT industry has received a jolt. On the one hand, the much-asked-for extension of tax benefits for software and technology parks has been denied. On the other, special economic zones will now have to pay minimum alternate tax and at a higher rate of 18.5%. IT firms say this will hurt cash flow.

first published: Mar 1, 2011 11:49 pm